https://www.taxtmi.com/caselaws?id=392615 A State tax dues claim under the Gujarat Value Added Tax Act, 2003 could not defeat a bank's priority as secured creditor over the borrower's secured assets under the SARFAESI regime. The Court treated the issue as settled by its earlier binding decision that Section 48 of the Gujarat Value Added Tax Act does not override the secured creditor's priority. On that basis, the bank's superior claim to the secured assets was recognised and the State's first-charge claim was not accepted, with the sale proceeds to be released and appropriated accordingly. en-us Wed, 12 Feb 2020 00:00:00 +0530 Mon, 24 Feb 2020 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392615 A State tax dues claim under the Gujarat Value Added Tax Act, 2003 could not defeat a bank's priority as secured creditor over the borrower's secured assets under the SARFAESI regime. The Court treated the issue as settled by its earlier binding decision that Section 48 of the Gujarat Value Added Tax Act does not override the secured creditor's priority. On that basis, the bank's superior claim to the secured assets was recognised and the State's first-charge claim was not accepted, with the sale proceeds to be released and appropriated accordingly. Case-Laws VAT and Sales Tax Wed, 12 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392615